Employee-funded retirement plan with employer matching contribution options.

What is a 403(b)?
A 403(b) is a tax-deferred retirement plan designed for tax-exempt employers, such as non-profit organizations, hospitals or schools [501(c)(3) organizations].

What are the participation requirements?
There are no requirements.

How much can employees contribute?
An employee may make annual, tax-deferred contributions up to $10,500.

What do employers contribute?
An employer may contribute the lesser of 25% of the employee's annual compensation, or $30,000.

How are 403(b) contributions made?
Contributions are made to a 403(b) in the name of each employee.

Can you roll over 403(b) assets?
403(b) accounts can be transferred from one 403(b) to another under Rev. Ruling 90-24. May be additional restrictions imposed by specific plans. Rollovers are also allowed for TSA assets over to an IRA within 60 days of receipt, without penalty, once per 12 month period.

How can I learn more about 403(b)?
To establish a 403(b) plan or learn more about setting one up for your employees or visit the Academy Bank location nearest you today.